Norway: Transmission Shaft Market 2024

Transmission Shaft Market Size in Norway

The Norwegian transmission shaft market dropped to $X in 2022, waning by -10.2% against the previous year. Over the period under review, consumption continues to indicate a mild setback. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Transmission Shaft Production in Norway

In value terms, transmission shaft production expanded rapidly to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt slump. The pace of growth appeared the most rapid in 2017 when the production volume increased by 41% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Transmission Shaft Exports

Exports from Norway

In 2022, shipments abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain decreased by -2.6% to X tons, falling for the third year in a row after two years of growth. In general, exports recorded a abrupt decrease. The pace of growth was the most pronounced in 2019 when exports increased by 39% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, transmission shaft exports dropped modestly to $X in 2022. Overall, exports showed a drastic downturn. The pace of growth was the most pronounced in 2013 when exports increased by 26% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Germany (X tons), Denmark (X tons) and Poland (X tons) were the main destinations of transmission shaft exports from Norway, together accounting for 43% of total exports. Turkey, Sweden, the UK, Faroe Islands, the Netherlands, China, the United States, Russia, Brazil and Singapore lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +69.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for transmission shaft exported from Norway were Poland ($X), the UK ($X) and Denmark ($X), together comprising 26% of total exports. The Netherlands, the United States, Turkey, Germany, Brazil, China, Singapore, Sweden, Russia and Faroe Islands lagged somewhat behind, together accounting for a further 39%.

Among the main countries of destination, Russia, with a CAGR of +71.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average transmission shaft export price amounted to $X per ton, with an increase of 1.7% against the previous year. In general, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, transmission shaft export price increased by +20.1% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the average export price increased by 66%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Faroe Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Transmission Shaft Imports

Imports into Norway

In 2022, supplies from abroad of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain decreased by -24.6% to X tons, falling for the second consecutive year after three years of growth. Overall, imports continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2020 with an increase of 60%. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, transmission shaft imports dropped to $X in 2022. Over the period under review, imports showed a pronounced decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 23%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Germany (X tons), Italy (X tons) and China (X tons) were the main suppliers of transmission shaft imports to Norway, with a combined 54% share of total imports. Denmark, Sweden, the Netherlands, Finland, Poland, the United States, France, the UK, South Korea and Spain lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +17.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain to Norway, comprising 29% of total imports. The second position in the ranking was held by Italy ($X), with an 11% share of total imports. It was followed by the UK, with an 8% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-4.0% per year) and the UK (+4.8% per year).

Import Prices by Country

The average transmission shaft import price stood at $X per ton in 2022, picking up by 26% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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